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Question
An awareness of business environment enables an enterprise to take advantage of early opportunities instead of losing them to competitors.
Which benefit of understanding the business environment is highlighted in the above statement?
Options
Customer Focus
Early Warning Signal
First Mover Advantage
Public Image
Solution
First Mover Advantage
Explanation:
Understanding the business climate allows companies to get a competitive advantage. The first mover advantage refers to a company's competitive advantage when entering a new market or offering a new product or service. This benefit helps the business establish industry standards, boost market share, and raise brand awareness, making it more difficult for competitors to surpass it.
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